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Message: Global Sources reports third quarter 2010 results
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Global Sources reports third quarter 2010 results

posted on Nov 11, 10 08:00AM

Global Sources' chairman and CEO, Merle A. Hinrichs, said: "We delivered a solid third quarter, increasing revenue by 29% from the same period last year. Our performance was driven by two shows that were new to the quarter and by a healthy rebound in our online business.

Financial highlights -- Third quarter: 2010 compared to 2009

-- Revenue was $39.4 million, as compared to $30.6 million.
-- GAAP net income, including a non-cash stock based compensation (SBC)
expense of $722,000, and amortization of intangibles as it relates to
certain equity compensation plans of $154,000, was $2.3 million, or
$0.06 per diluted share, as compared to third quarter 2009 GAAP net
income of $1.2 million, or $0.03 per diluted share, which included a
non-cash SBC expense of $940,000.
-- Non-GAAP net income was $3.2 million, or $0.08 per diluted share, as
compared to $2.1 million, or $0.05 per diluted share, for the third
quarter of 2009.
-- Adjusted EBITDA was $6.0 million, as compared to $3.4 million for the
third quarter of 2009.
-- Total deferred income and customer prepayments were $100.5 million as
at September 30, 2010, as compared to $89.3 million as at September 30, 2009.

Financial highlights -- Nine Months Ended September 30th: 2010 compared to 2009

-- Revenue was $131.8 million, as compared to $119.6 million.
-- GAAP net income was $12.1 million, or $0.28 per diluted share, which
included a non-cash SBC expense of $2.5 million, and amortization of
intangibles as it relates to certain equity compensation plans of
$371,000, as compared to $7.5 million, or $0.16 per diluted share,
which included a non-cash SBC expense of $3.2 million.
-- Non-GAAP net income was $15.0 million, or $0.34 per diluted share, as
compared to $10.7 million, or $0.23 per diluted share, for the nine
months ended September 30, 2009.
-- Adjusted EBITDA was $21.2 million, as compared to $15.6 million for the nine months ended September 30, 2009.

About Global Sources

Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business uses English-language media to facilitate trade from Greater China to the world. The other business segment utilizes Chinese-language media to enable companies to sell to, and within Greater China.

Last Trade: 8.26 52 Week: 8.77 – 5.50 Market Cap: 368.85 Million

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